The Japanese yen strengthened against the U.S. dollar on Thursday, as a selloff in U.S. equities gathered steam in late-morning trade on Thursday. All three major benchmarks, the Dow Jones Industrial Average , S&P 500 and Nasdaq Composite Index were trading down by as much as 1.3%. The yen is perceived as a haven, drawing bids as concerns about increasing risks climb. The same trading dynamic was seen on Monday, when global equities also fell and the dollar-yen pair hit a multiday low. The dollar had been trading in positive territory versus the yen earlier in the session, but slumped to an intraday low of ￥108.89, a three-day nadir. One dollar last bought ￥109.07, down from ￥109.34 late Wednesday in New York.
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